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The structural, optical, and electrical characteristics of zinc sulfide (ZnS)/Ag/ZnS (ZAZ) multilayer films prepared by ion beam assisted deposition on k9 glass have been investigated as a function of Ag layer thickness. The characteristics of ZAZ multilayer are significantly improved up insertion of optimal Ag thickness between ZnS layers. The results show that due to bombardment of Ar ion beam, distinct Ag islands evolve into continuous Ag films at a thin Ag thickness of about 4 nm. The thinner Ag film as a thickness of 2 nm leads to high sheet resistance and low transmittance for the interface scattering induced by the Ag islands or noncontinuous films; and when the Ag thickness is over 4 nm, the ZAZ multilayer exhibits a remarkably reduced sheet resistance between 7–80 Ω/sq for the increase in carrier concentration and mobility of Ag layer, and a high transmittance over 90% for the interference phenomena of multilayers and low absorption and surface scattering of Ag layer. The ZAZ multilayer with 14 nm Ag film has a figure of merit up to 6.32×10−2 Ω−1, an average transmittance over 92% and a sheet resistance of 7.1 Ω/sq. The results suggest that ZAZ film has better optoelectrical properties than conditional indium tin oxide single layer.